TLDR
- Independence, Missouri’s City Council has granted Nebius approval to construct its biggest U.S. AI infrastructure facility
- The Independence campus will feature 1.2-gigawatt capacity — comparable to powering an entire small municipality
- Shares of NBIS surged by up to 10.3% following the announcement
- The company reported $530 million in revenue for 2025, marking a 479% year-over-year increase, though losses persist
- Wall Street analysts have set an average price target of $155, implying approximately 55% potential upside
Nebius Group (NBIS) secured a critical regulatory milestone — and investors responded enthusiastically.
On March 4, 2026, local officials in Independence, Missouri cast their votes in favor of a Chapter 100 industrial development incentive package for Nebius’ planned AI infrastructure campus, internally referred to as “Project Independence.”
This site will represent the firm’s most ambitious AI factory deployment across the United States, boasting a projected 1.2-gigawatt power capacity.
NBIS stock climbed as high as 10.3% on the development. During mid-morning trading, shares maintained gains around 9.9%, hovering near the $97.75 mark.
Chief Executive Arkady Volozh stated: “Independence will be our largest AI factory in the United States to date, and we are fully committed to making it a project the city is proud of. This is our first project of this scale, but not the last.”
The municipal endorsement includes tax incentive provisions — a significant component for an enterprise still operating at a loss while pursuing aggressive expansion.
Revenue Expansion at Remarkable Pace
Nebius functions as a next-generation cloud infrastructure provider, delivering GPU-as-a-Service (GPUaaS) solutions to enterprises requiring artificial intelligence compute resources without investing in proprietary hardware.
Full-year 2025 revenue reached $530 million — representing a striking 479% increase compared to the prior year.
The latest quarterly results demonstrated 355% year-over-year revenue acceleration to $146 million, sustaining a pattern of explosive expansion from a modest starting point.
However, achieving profitability remains elusive. The organization recorded an adjusted net loss of $447 million throughout 2025, with operating margins sitting at -148%.
An important detail deserves attention: much of the operating deficit stems from non-cash depreciation tied to substantial capital investments. When measured by adjusted EBITDA, the AI division achieved positive territory during late 2025.
Valuation: Premium Multiple Reflects Growth Expectations
The shares carry a premium valuation. NBIS currently trades at approximately 41 times revenue, with a P/E ratio hovering around 106 — substantially elevated compared to benchmark indices.
By comparison, the S&P 500 trades at roughly 24.8x earnings and 3.3x revenue.
Wall Street analysts have established an average price target of $155, suggesting roughly 55% appreciation potential from Wednesday’s trading level.
The 52-week trading range spans from $18.31 to $141.10, highlighting the considerable price volatility characteristic of this equity.
The 1.2-gigawatt Project Independence development is positioned as transformative — elevating Nebius beyond competitors still navigating preliminary planning phases.
Whether management can deliver on implementation timelines, control cash consumption, and secure sufficient customer contracts to utilize available capacity represents the fundamental investment thesis question.
As of March 4, 2026, NBIS commanded a market capitalization of roughly $25 billion.
